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Central Bank of UAE. Monetary Developments - Q1 2017
10/05/2017 21:35

Central Bank of UAE. Monetary Developments - Q1 2017

Money Supply M1, which comprises Currency in Circulation outside Banks (Currency Issued - Cash at banks) plus Monetary Deposits, increasedby 6.4% during the first quarter of 2017, compared to a 7.3% increase during the same period last year. On an annual basis, there was a 2.9% increase in the monetary aggregate M1, reaching AED 504.4 billion.

Money Supply M2 (M1 plus Quasi Monetary Deposits (Resident Time nd Savings Deposits in Dirham plus Resident Deposits in Foreign Currencies)), increased by 3.8% during the first quarter of 2017, compared to a 2.7% increase during the same period last year. On an annual basis, there was a 4.4% increase in Money Supply M2, reaching AED 1272.2 billion.

Consequently, Money Supply M3 (M2 plus government deposits at banks and at the Central Bank) also increased by 3.9% during the first quarter of 2017 as compared to a 2.3% increase during the first quarter of 2016. On an annual basis, there was a 6.7% increase in Money Supply M3, reaching AED 1465.8 billion.

Generally, the median money supply, M2, is considered the best indicator for the availability of liquidity in the economy, as it comprises urrency in circulation outside banks, in addition to various deposits of all the esident sectors except the government sector in the UAE. Statistical data show that at the end of the first quarter of 2017, M2 increased relatively faster in comparison of its position at the end of the first quarter of 2016. The increase in M2 during the first quarter of 2017 was mainly due to an increase in non-government resident deposits by 3.7% reaching 1,206.8 billion, compared to a smaller increase of 2.5% (AED 1156.6 billion) during the same period of the previous year.